**                                                                                                                                                             Exhibit    10.1**
**Pursuant      to 17 CFR 240.24b-2, confidential information (indicated by [***]) has been      omitted and has been filed separately with the Securities and Exchange      Commission pursuant to a Confidential Treatment Application filed with the      Commission.**

**TBS      INTERNATIONAL LIMITED**

**CHINA      COMMUNICATIONS CONSTRUCTION COMPANY LTD**

**NANTONG      YAHUA SHIPBUILDING CO., LTD.**

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**THIS      AGREEMENT**

**BY      AND BETWEEN**

| **(1)  ** | **TBS                INTERNATIONAL LIMITED**,                a                company organised and existing under the laws of Bermuda, having                its                principal office at Suite 306, Commerce Building, One Chancery Lane,                Hamilton, HM12, Bermuda (“TBS”); |
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| **(2)  ** | **CHINA                COMMUNICATIONS CONSTRUCTION COMPANY LTD**,                a                corporation organised and existing under the laws of the People’s Republic                of China, having its registered office at No.C88, An Ding Men Wai                Street,                Beijing 100011 (“CCCC”); and |
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| **(3)  ** | **NANTONG                YAHUA SHIPBUILDING CO., LTD.**,                a                corporation organized and existing under the laws of the People's                Republic                of China, having its registered office at 1# Hongzha Road Jiuweigang                Nantong Jiangsu P.C. 226361 (hereinafter called the “Builder”), |
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**WHEREAS      **

** **

| (B)   | The                Parties have agreed to enter into this Agreement to define the Delivery                Dates of the Vessels, the time of payment of the Second Instalment                of the                Purchase Price under the Shipbuilding Contracts and to acknowledge                the                Parties’ intention that the Vessels are to be built as a series of six (6)                sisterships. TBS enters into this Agreement for itself and as duly                authorised agent on behalf of the Buyers. |
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**NOW      IT IS HEREBY AGREED**

| **1.  ** | **DEFINITIONS                AND INTERPRETATION** |
|--------------------|---------------------------------------------------|

| 1.1   | Words                and expressions defined in the Shipbuilding Contracts shall, unless                the                context otherwise requires, have the same meaning when used in this                Agreement. |
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| 1.2   | In                this Agreement, the following term shall bear the meaning hereafter                set                out: |
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| 1.3   | References                herein to “Clauses” shall mean Clauses of this Agreement and references to                “Articles” shall mean Articles of the Shipbuilding Contracts. |
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| 1.4   | If                there is any conflict between any Shipbuilding Contract and this                Agreement, the provisions of this Agreement shall                prevail. |
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| **2.  ** | **DELIVERY                DATES OF THE VESSELS** |
|--------------------|--------------------------------------------------|

| 2.1   | The                Delivery Date of the Builder’s Hull no NYHS200720 (“Hull NYHS200720”)                pursuant to Article VII.1 of the Shipbuilding Contract in respect                of such                vessel (the “Hull NYHS200720 Delivery Date”) shall be the date falling                twenty-three (23) months from the Effective Date of such Contract.                . |
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| 2.2   | The                Delivery Date of the Builder’s Hull no NYHS200721 (“Hull NYHS200721”)                pursuant to Article VII.1 of the Shipbuilding Contract in respect                of such                vessel (the “Hull NYHS200721 Delivery Date”) shall be the date falling                twenty-nine (29) months from the Effective Date of such Shipbuilding                Contract. |
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| 2.3   | The                Delivery Date of the Builder’s Hull no NYHS200722 (“Hull NYHS200722”)                pursuant to Article VII.1 of the Shipbuilding Contract in respect                of such                vessel (the “Hull NYHS200722 Delivery Date”) shall be the date falling                thirty-four (34) months from the Effective Date of such Shipbuilding                Contract. |
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| 2.4   | The                Delivery Date of the Builder’s Hull no NYHS200723 (“Hull NYHS200723”)                pursuant to Article VII.1 of the Shipbuilding Contract in respect                of such                vessel (the “Hull NYHS200723 Delivery Date”) shall be the date falling                thirty-eight (38) months from the Effective Date of such Shipbuilding                Contract. |
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| 2.5   | The                Delivery Date of the Builder’s Hull no NYHS200724 (“Hull NYHS200724”)                pursuant to Article VII.1 of the Shipbuilding Contract in respect                of such                vessel (the “Hull NYHS200724 Delivery Date”) shall be the date falling                thirty-six (36) months and fifteen (15) days from the Effective Date                of                such Shipbuilding Contract. |
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| 2.6   | The                Delivery Date of the Builder’s Hull no NYHS200725 (“Hull NYHS200725”)                pursuant to Article VII.1 of the Shipbuilding Contract in respect                of such                vessel (the “Hull NYHS200725 Delivery Date”) shall be the date falling                forty (40) months from the Effective Date of such Shipbuilding Contract. |
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| **3.  ** | **PAYMENT                OF THE 2ND INSTALMENT UNDER THE                CONTRACTS** |
|--------------------|-------------------------------------------------------------------------------------|

| 3.1   | With                reference to Article II.3(b) of each of the Shipbuilding Contracts                for                Hull NYHS200720 and Hull NYHS200723, it is agreed and understood                that the                2nd                Instalment of the Purchase Price for such Vessels shall become due                and                payable and be paid within five (5) New York business days of receipt                by                the Buyer of a telefax notice from the Seller attaching a Stage                Certificate in the form of the draft attached as Appendix A, countersigned                by the Classification Surveyor, certifying that the steel cutting                of the                first steel plate of Hull NYHS200720 in the Builder’s Shipyard has                commenced. |
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| 3.2   | With                reference to Article II.3(b) of each of the Shipbuilding Contracts                for                Hull NYHS200721 and Hull NYHS200724, it is agreed and understood                that the                2nd                Instalment of the Purchase Price for such Vessels shall become due                and                payable and be paid within five (5) New York business days of receipt                by                the Buyer of a telefax notice from the Seller attaching a Stage                Certificate in the form of the draft attached as Appendix A, countersigned                by the Classification Surveyor, certifying that the steel cutting                of the                first steel plate of Hull NYHS200721 in the Builder’s Shipyard has                commenced. |
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| 3.3   | Finally,                with reference to Article II.3(b) of each of the Shipbuilding Contracts                for Hull NYHS200722 and NYHS200725, it is agreed and understood that                the                2nd                Instalment of the Purchase Price for such Vessels shall become due                and                payable and be paid within five (5) New York business days of receipt                by                the Buyer of a telefax notice from the Seller attaching a Stage                Certificate in the form of the draft attached as Appendix A, countersigned                by the Classification Surveyor, certifying that the steel cutting                of the                first steel plate of Hull NYHS200722 in the Builder’s Shipyard has                commenced. |
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| **4.  ** | **SISTERSHIPS** |
|--------------------|-----------------|

| 4.1   | The                Parties hereby acknowledge and agree that, with the exception of                the                suppliers of the main engines (for which it is understood that [***],                shall supply the main engine for Hull NYHS200720, Hull NYHS200721,                Hull                NYHS200722 and Hull NYHS200723 and either [***] or [***] shall supply                the                main engine for Hull NYHS200724 and Hull NYHS200725) and without                prejudice                to the provisions of Article V of each Shipbuilding Contract, the                Vessels                are intended to be built as a series of six (6) sisterships constructed                on                identical terms and specifications to those for Hull NYHS200720.                In                particular, as soon as the items and the respective suppliers thereof                comprising the Maker's List for Hull NYHS200720 have been chosen,                such                items and suppliers shall, with the exception of the suppliers of                the main                engines, remain the same for Hull NYHS200721, Hull NYHS200722, Hull                NYHS200723, Hull NYHS200724 and Hull NYHS200725 and the Seller shall                not                alter the same without the express prior consent of TBS. |
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| 4.2   | Notwithstanding                the provisions of Clause 4.1 above, each of the Buyers of the Vessels                shall be entitled to modify the Specifications in respect thereof                pursuant                to Article V of the respective Shipbuilding Contract for the same. |
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| **5.  ** | **ASSIGNMENT** |
|--------------------|----------------|

| 5.1   | The                Seller shall not without the previous written approval of TBS assign                or                transfer any rights or obligations under this Agreement or the rights                hereunder or any part thereof. |
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| 5.2   | TBS                shall not without the previous written approval of the Seller (the                same                not to be unreasonably withheld) assign or transfer any rights or                obligations under this Agreement. |
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| **6.  ** | **TBS                GUARANTEE** |
|--------------------|----------------------------------|

| 6.1   | TBS                hereby unconditionally guarantees each of the obligations of the                Buyer                under each of the Shipbuilding Contracts. |
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| **7.  ** | **NOTICES** |
|--------------------|-------------|

| 7.1   | Any                and all notices and communications in connection with this Agreement                shall                be addressed as follows: |
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| 7.2   | Any                notices and communications sent by CCCC or the Builder alone to TBS                shall                be deemed as having being sent by both CCCC and the Builder. |
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| 7.3   | Any                change of address shall be communicated in writing by registered                mail by                the party making such change to the other party and in the event                of                failure to give such notice of changes, communications addressed                to the                party at their last known address shall be deemed                sufficient. |
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| 7.4   | Any                and all notices, requests, demands, instructions, advice and                communications in connection with this Agreement shall be deemed                to be                given at, and shall become effective from, the time when the same                is                delivered to the address of the party to be served, provided, however,                that registered airmail shall be deemed to be delivered ten (10)                days                after the date of dispatch, express courier service shall be deemed                to be                delivered five (5) days after the date of dispatch, and telefax                acknowledged by the answerbacks shall be deemed to be delivered upon                dispatch. |
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| 7.5   | Any                and all notices in connection with this Agreement shall be written                in the                English language and each party hereto shall have no obligation to                translate them into any other                language. |
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| **8.  ** | **GOVERNING                LAW AND JURISDICTION** |
|--------------------|---------------------------------------------------|

| 8.1   | This                Agreement shall be governed by and construed in accordance with English                law. |
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| 8.2   | In                the event of any dispute between the Parties hereto as to any matter                arising out of or relating to this Agreement or any stipulation herein                or                with respect thereto which cannot be settled by the Parties themselves,                such dispute shall be resolved by arbitration in London, England                in                accordance with the laws of England in the same manner as is provided                in                Article XIII of each Shipbuilding                Contract. |
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| **TBS                INTERNATIONAL LIMITED**                                                                                                                                                          |   |
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|  /s/                Martin Levin By:                _Martin                Levin____Title:                 Director                - New Shipbuilding Projects     |   |
| **CHINA                COMMUNICATIONS CONSTRUCTION COMPANY LTD**                                                                                                                                      |   |
|  /s/ By:                _________________ Title:                ________________                                                                                             |   |
| **NANTONG                YAHUA SHIPBUILDING CO., LTD**.                                                                                                                                               |   |
|  /s/ By:                _________________ Title:                ________________                                                                                                       |   |

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**APPENDIX      A - FORM OF STAGE CERTIFICATE**